LVMH Picks Up Shares In Chateau Cheval Blanc and Chateau Quinault
A bit of shuffling has taken place in the wine world. French luxury conglomerate LVMH Moet Hennessy Louis Vuitton has made two large purchases picking up 50 percent stakes in two of France's most prestigious wineries. It has acquired half of the private company Cheval Blanc, which produces Chateau Cheval Blanc. LVMH has also bought half of La Tour du Pin, owner of the Chateau Quinault l'Enclos estate. The Wall Street Journal reports that both transactions were carried out with a subsidiary of Groupe Arnault, the holding company of LVMH Chief Executive Bernard Arnault. Both wineries were previously sold to Bernard Arnault, the chairman of LVMH and his associate Belgian businessman Albert Frère, Cheval Blanc in 1998 and Chateau Quinault in 2008, creating a block of Saint-Émilion properties.